Delaware Code Title 5 Sec. 789 – Abandonment of trust powers and provision for successor fiduciaries
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Where a resulting state bank is not to exercise trust powers, the State Bank Commissioner shall not approve a merger or conversion until satisfied that adequate provision has been made for successors to fiduciary positions held by the merging banks or the converting bank.
5 Del. C. 1953, § ?789; 49 Del. Laws, c. 126; 57 Del. Laws, c. 740, § ?19H;
Terms Used In Delaware Code Title 5 Sec. 789
- Bank: means a state or a national bank. See Delaware Code Title 5 Sec. 781
- banks: when used in this chapter, do not include such national banks, except as otherwise provided in subchapters VI and VII of this chapter. See Delaware Code Title 5 Sec. 701
- Converting bank: means a bank converted from a state to a national bank, or the reverse. See Delaware Code Title 5 Sec. 781
- Fiduciary: A trustee, executor, or administrator.
- Merger: includes consolidation. See Delaware Code Title 5 Sec. 781
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- State bank: means a bank or trust company chartered under the laws of this State. See Delaware Code Title 5 Sec. 781